Here's why Uber is avoiding an IPO for as long as possible

Bill Gurley of Benchmark Capital speaks onstage at the TechCrunch Disrupt NY 2013 at The Manhattan Center on April 29, 2013 in New York City. (Photo by Brian Ach/Getty Images for TechCrunch) Brian Ach/Getty Don't expect Uber to go public anytime soon, Bill Gurley says.

Gurley, a partner at Benchmark Capital and one of Uber's most well-known board members, said the company is far from an IPO in an interview with Recode's Kara Swisher on Recode Decode. Benchmark invested in Uber's Series A through Series C rounds and led the $11 million Series A in 2011.

So why is Uber holding off on an IPO? Gurley says it's because of intense competition from other ride-hailing services.

"We have a large number of competitors who are very deep-pocketed, who have decided that their primary form of competition is just price. There are intense subsidy battles going on all over world. Those companies, when they approach investors, tell them, 'Uber's going to go public, and then they're going to have to be profitable, and then we're really going to sneak up on them with these discounts.'"